Stock Market & Financial Investment News

Leucadia declares spin-off dividend of Crimson Wine sharesThe board of Leucadia National Corporation (LUK) declared a pro rata dividend of all of the shares of common stock of its wholly-owned subsidiary, Crimson Wine Group, which holds all of Leucadia's wine operations. The dividend will result in the separation of the two companies, as required by the merger agreement between Leucadia and Jefferies Group (JEF). On the distribution date, which is expected to be February 25, Leucadia shareholders of record as of 5 p.m. EST on February 11, will receive one share of Crimson common stock for every 10 Leucadia common shares they hold, with cash in lieu of fractional shares to be distributed thereafter.